Open-hearth technology quickly replaced the Bessemer converter in the steel industry.This is an example of Schumpeter's creative destruction process.

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Schumpeter's creative destruction process refers to the idea that new innovations and technologies can render established industries and methods obsolete through a process of competition and innovation. The replacement of the Bessemer converter with open-hearth technology in the steel industry is an example of this process, as the older technology was replaced by a newer and more efficient method of steel production.

Open-Hearth Technology Quickly Replaced the Bessemer Converter in the Steel